Blockchain technology is a distributed ledger system (DLS) that provides robust security, transparency, and immutability transactions. Blockchain is a type of database shared across a computer network. Additionally, this network constantly grows as new blocks when new data is added.
The most interesting fact is that each block possesses a timestamp and a link to the preview block data. Simply put, this data security feature makes the whole blockchain network difficult to change or hack.
Blockchain technology is most commonly associated with cryptocurrency, such as Bitcoin. However, it has a wide range of potential applications in other industries; for instance, supply chain management, healthcare, gaming, and finance.
This was a small introduction to blockchain technology. But the main question here is how it affects the gaming sector.
So, the basic terminology behind it is its fruitful benefits and features that entice big companies to incorporate this technology to grow their gaming business and drive it to the future. Blockchain has many capabilities that make it a proficient choice for gaming business development.
How Blockchain is Revolutionizing the Gaming Sector?
Read on to find out how blockchain positively impacts the overall gaming industry.
Cryptocurrencies for In-game Purchases
Blockchain is a relatively strong decentralized network that also has the capability of incorporating digital currencies. This led companies to build games on blockchain platforms to leverage the tremendous growth rate of digital currencies and grow their own businesses rapidly. Many successful companies are starting their business on blockchain to allow themselves to deal with cryptocurrencies. Companies want to expand their businesses on blockchain networks in gaming or any other sector.
Businesses can allow players to make in-game purchases using various digital currencies. As the world is moving towards digitalization, allowing your business to indulge in the most recent and popular cryptocurrencies can give you higher profits than others who don't.
Blockchain start-ups are already seeing this opportunity. For example, Enjin has introduced a framework for game developers which include the following:
● Software development kit (SDK);
● Crypto wallets;
● Game plugins;
● Other apps for virtual item management and payment gateways.
They are also bringing blockchain technology to the gaming industry. They have an ERC20 token, ENJIN Coin that will support transactions on their platform.
Blockchain Provides a Safe & Secure Environment for Game Developers & Entrepreneurs
Blockchain networks use highly powerful data encryption technologies and systems such as private key-public keys to secure crypto token transactions. With the power of computing technology we have today, hacking these data encryption techniques is impossible.
As a result, hackers cannot attack a decentralized blockchain network because there is no single server to destroy. The nodes (servers) maintain the distributed database in a shared manner, and each node has complete access to the information in the database.
Hackers cannot delete or modify the transaction history of an existing network in the blockchain, and it is impossible to stage a 'Distributed Denial of Service' (DDoS) attack against these networks. Blockchain networks use 'proof of work' (PoW) or other consensus algorithms to secure the network.
Eliminates Third-party Interference
The blockchain network is decentralized, which means no interference from any kind of middleman or mediator.
This decentralized platform allows players to have more control over their in-game assets. Also, players can securely and easily trade or sell their assets to anyone they want on the platform and get digital currencies in exchange.
Currently, blockchain is one of the best-secured networks, and it is not only boosting the gaming industry, but the whole industry is leveraging its capabilities. We have already seen that many gaming industry giants, such as Axie Infinity, have grown their business more rapidly and grabbed higher profitability. The mixture of blockchain and cryptocurrencies is perfect for successfully growing your gaming business; it offers you to turn your face to the future.
Examples of Blockchain-based Games
To understand how profitable this blockchain gaming industry is, here are some of the best examples of it.
● Alien Worlds
If you want to learn more about them, you can visit these sites. They are remarkably amazing and currently leading blockchain-based game platforms worldwide.
That's it for now, my fellow friends. I hope this information can help you understand some basic aspects of the blockchain gaming industry and how it is on the path to revolution.
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